A Archyde.com poll showed that tensions between Russia and Ukraine will shape the course of oil markets in the coming months, amid increasing pressures on global oil supplies with the recent European ban on oil production. Russian oil.
According to the poll, which included 33 economists, the average price of Brent crude will reach 102 dollars per barrel in 2022, while it will reach 107 dollars in the second quarter.
As for West Texas crude, it is expected to average $98 a barrel this year.
All of these forecasts represent an increase from the previous forecast in April.
Late on Monday, European Union leaders reached an agreement to ban 90% of Russian crude by the end of the year.
On the other hand, cheap Russian crude has tempted Asia’s most energy-consuming countries, such as China and India, which have been very eager for cheaper Russian oil deals.
“After supplies decreased by regarding 1 million barrels per day during April, losses might expand to regarding 3 million barrels per day during the second half of the year,” the International Energy Agency said, referring to Russian oil supplies.
